SYSTEM FOR ADJUSTING INSURANCE FOR A BUILDING STRUCTURE THROUGH THE INCORPORATION OF SELECTED TECHNOLOGIES

• US 20130006676A1
• Filed: 09/14/2012
• Published: 01/03/2013
• Est. Priority Date: 09/04/2003
• Status: Active Grant

• Current Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Original Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Inventors: Helitzer, Jonathon, Murchie, G. Stewart, Frey, Kelly L., Kempton, Casey Ellen, Carvalko, Joseph R. Jr.
• Granted Patent: US 8,676,612 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method and computerized system is disclosed for managing the underwriting, quoting and binding an insurance policy with regard to the technology used to militate against the financial consequences of property losses. The invention utilizes a classifier for categorizing and weighing risk, composed of data representing in an identified building, a first unmitigated insurance risk and a second insurance risk, based upon the use of certain technology. A plurality of such weights are summed such that the weights generate a minimized risk for a building structure under consideration. Combinations of technologies employed in building structures are mapped to classifications, which then permits an underwriter to establish a premium. In another aspect of the invention, data structures representing the quantification of risk reduction attendant a given technology or product are chained into a plurality of decision trees that process a construction phase and a pruning phase.

Claims

1. A system for processing data relating to insuring a building structure by taking into account technologies that mitigate loss comprising:

a storage device storing a database identifying a plurality of technologies that reduce risk of loss to an associated building structure; and

a computer processor, configured to;

administer, by an insurance company, insurance policy data related to coverages for the building structure that incorporates a sensor technology from the plurality of technologies identified in the database, wherein the incorporated sensor technology is capable of outputting data electronically;

receive monitoring data output electronically by the incorporated sensor technology relating to a condition of the building structure;

input into a neural network the monitoring data relating to the condition of the building structure;

receive a neural network output based on the monitoring data, wherein the neural network output is indicative of a current risk associated with the condition of the building structure;

determine, responsive to the neural network output indicating the current risk, whether an automatic remedial action has deployed to mitigate the current risk; and

output, responsive to the neural network output indicating the current risk, a notification identifying the current risk and the determination of whether the automatic remedial action has deployed.

2. The system of claim 1, wherein said monitoring data relating to the condition of the building structure comprises building structure condition data, alert data concerning the current risk, and remedial action data concerning whether the automatic remedial action has deployed to mitigate the current risk.

3. The system of claim 1, wherein said processor is further configured to poll said sensor technology, thereby causing said sensor technology to send the monitoring data for said processor to receive.

4. The system of claim 1, wherein said processor is further configured to determine, based on the output of the neural network, a condition of the sensor technology.

5. The system of claim 4, wherein said processor is further configured to determine, based on said condition of the sensor technology, whether an alteration in a term of the insurance policy is warranted based on a faulty condition of the sensor technology.

6. The system of claim 5, wherein the insurance policy term alteration is a premium alteration.

7. The system of claim 5, wherein the faulty condition of the sensor technology comprises one or more of a faulty sensor for sensing the current risk to the building structure, a faulty electronic data output for reporting the current risk to the building structure, and a faulty automatic remediation system for automatically deploying the automatic remedial action to mitigate the current risk to the building structure.

8. A computer-implemented method for processing data related to insuring a building structure by taking into account technologies that mitigate loss comprising:

maintaining in a database stored in a storage device, data identifying a plurality of technologies that reduce risk of loss to an associated building structure;

administering, by at least one computer processor, data indicative of insurance policy data related to coverages for the building structure that incorporates a sensor technology from the plurality of technologies identified in the database, wherein the incorporated sensor technology is capable of outputting data electronically;

receiving, by the at least one computer processor, monitoring data output electronically by the incorporated sensor technology relating to a condition of the building structure;

inputting into a neural network the monitoring data relating to the condition of the building structure;

receiving, by the at least one computer processor, a neural network output based on the monitoring data, wherein the neural network output is indicative of a current risk associated with the condition of the building structure;

determining, by the at least one computer processor and responsive to the neural network output indicating the current risk, whether an automatic remedial action has deployed to mitigate the current risk; and

outputting, by the at least one computer processor and responsive to the neural network output indicating the current risk, a notification identifying the current risk and the determination of whether the automatic remedial action has deployed.

11. The method of claim 8, wherein said at least one computer processor is further configured to determine, based on the output of the neural network, a condition of the sensor technology.

12. The method of claim 11, wherein said at least one computer processor is further configured to determine, based on said condition of the sensor technology, whether an alteration to a term of the insurance policy is warranted based on a faulty condition of the sensor technology.

13. The method of claim 12, wherein said insurance policy term alteration is a premium alteration.

14. The method of claim 12, wherein the faulty condition of the sensor technology comprises one or more of a faulty sensor for sensing the current risk to the building structure, a faulty electronic data output for reporting the current risk to the building structure, and a faulty automatic remediation system for deploying the automatic remedial action to mitigate the current risk.

9. The method of claim 9, wherein said at least one computer processor is further configured to poll said sensor technology, thereby causing said sensor technology to send the monitoring data for said at least one computer processor to receive.

10. The method of claim 9, wherein said polled monitoring data comprises building structure condition data, alert data concerning the current risk, and remedial action data concerning whether the automatic remedial action has deployed to mitigate the current risk to the building structure.

15. A system for processing data relating to insuring a building structure by taking into account technologies that mitigate loss comprising:

a database identifying a plurality of technologies that reduce risk of loss to an associated building structure; and

computer executable instructions stored in memory for causing at least one computer processor to;

administer, by an insurance company, insurance policy data related to coverages for the building structure that incorporates a sensor technology from the plurality of technologies identified in the database, wherein the incorporated sensor technology is capable of outputting data electronically;

receive monitoring data output electronically by the incorporated sensor technology relating to a condition of the building structure;

input into a neural network the monitoring data relating to the condition of the building structure;

receive a neural network output based on the monitoring data, wherein the neural network output is indicative of a current risk associated with the condition of the building structure;

determine, responsive to the neural network output indicating the current risk, whether an automatic remedial action has deployed to mitigate the current risk; and

output, responsive to the neural network output indicating the current risk, a notification identifying the current risk and the determination of whether the automatic remedial action has deployed.

16. The system of claim 15, wherein said monitoring data relating to the condition of the building structure comprises building structure condition data, alert data concerning the current risk, and remedial action data concerning whether the automatic remedial action has deployed to mitigate the current risk to the building structure.

17. The system of claim 15, wherein said computer executable instructions further cause the at least one computer processor to poll said sensor technology, thereby causing said sensor technology to send the monitoring data for said processor to receive.

18. The system of claim 15, wherein said computer executable instructions further cause the processor to determine, based on the output of the neural network, a condition of the sensor technology.

19. The system of claim 18, wherein said computer executable instructions further cause the processor to determine, based on said condition of the sensor technology, whether an alteration to a premium term of the insurance policy is warranted based on a faulty condition of the sensor technology.

20. The system of claim 19, wherein the faulty condition of the sensor technology comprises one or more of a faulty sensor for sensing the current risk to the building structure, a faulty electronic data output for reporting the current risk to the building structure, and a faulty automatic remediation system for deploying the automatic remedial action to mitigate the current risk to the building structure.